Market days are now divided into uncertain days with a downward trend and uncertain days with an upward trend. Yesterday was one of the last, when the good news on the pre-election polls in Greece (which give the pro-agreement party leading the way) more than offset the worries related to the Chinese slowdown (which in this case are represented by declining growth in industrial profits). The MSCI regional index rose by 0,4%, but this will probably not be enough to avoid a fall of the index at the end of the month by 10-11% compared to the end of April.
The euro has recovered slightly, while the yen remains above 79 against the dollar, not daring to breach it given that interventions to halt appreciation are limited – the market thinks – precisely that level. The Brazilian real strengthened to a level below 2 to the dollar, posing a dilemma for the central bank: it wants a weaker real (it had risen too much in the last year) but not so weak as to stoke inflation. The price of oil, which, like other market variables, is in direct contact with the Greek tragicomedy, has risen from 90.
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